Kimmelman heirs, Leigh family sign $54M in initial debt on fee under 555 Fifth Avenue

The Kimmelman family heirs and the Leigh family through the entity 555 Fifth Avenue Owner LLC as borrower signed a initial loan with lender ACORE Capital through the entity Acore Capital Mortgage, LP valued at $54 million for the fee under the office building (O6) at 555 Fifth Avenue in Midtown, Manhattan.
The Kimmelman family owns the ground-leased fee, while ATCO Properties & Management is the ground tenant.

The deal closed on October 21, 2021 and was recorded on November 3, 2021.
The property has 206,378 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $261 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the Kimmelman heirs, Leigh family, David Leigh, and Abby Leigh was David Leigh.

The Kimmelman heirs including Abby Leigh and Betsy Karel, recorded a transfer of ownership valued at $50 million for half the fee interest, as PincusCo reported. The ground lessee is ATCO Properties & Management. Milton Kimmelman acquired the fee and this is the first debt the family has placed in the property, according to a review of property records. On the same day, Abby Leigh transferred ownership from one entity to another entity that has her son David Leigh as president. Milton Kimmelman, who died in 1984, owned a stake in the building since at least 1953.

Within a 400-foot radius of 555 Fifth Avenue, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 25, 2020 for the $5.3 million renovation of 323,029-square-foot B building with no residential units at 360 Madison Avenue.
Of those 13 items, four were sales above $5 million totaling $458.2 million. The most recent of the four was SJD, LLC which bought the 57,352-square-foot office building (O6) on 576 5th Avenue for $101 million from Severn Realty Partners on July 13, 2021.
Of those 13 items, eight were loans above $5 million totaling $1.4 billion. The most recent of the eight was Stawski Partners which borrowed $93 million from Apple Bank for Savings secured by the 345,048-square-foot, 37-unit office building (O4) on 563 5th Avenue and one other property on October 22, 2021.

Direct link to Acris document. link